Carl Icahn Commences Litigation Against Dell Technologies

Carl Icahn Commences Litigation Against Dell Technologies
Highlights
  • The complaint was filed Wednesday in Delaware Chancery court
  • Icahn seeks an order requiring Dell to allow him to inspect its records
  • Dell disagrees with the lawsuit's "unfounded allegations"
Advertisement

Billionaire activist investor Carl Icahn sued Dell Technologies, claiming the company has refused to provide basic information about its proposed plan to return to public markets by buying up shares of DVMT.

The complaint filed Wednesday in Delaware Chancery court seeks judge's order requiring Dell to allow Icahn to inspect and copy its books and records.

Icahn also wants judge to establish process for considering which documents can be made public.

A representative for Dell said in an emailed statement that the company strongly disagrees with the lawsuit's "unfounded allegations" and will file a response Thursday.

The "transaction is the result of a very transparent and thorough process including an independent special committee representing DVMT shareholders, which was supported by its own financial and legal advisers," according to Dell's statement.

Ichan alleges that Dell is using threat of forced conversion of its stock to coerce investors into approving transaction at Dec. 11 shareholder meeting.

Icahn said in statement Thursday that Dell refused to provide information related to period from July 3 to now, while advisers have been soliciting votes.

An Investor called the DVMT deal a "conflicted transaction" that benefits controlling shareholders at the expense of DVMT holders.

Affiliates of Icahn own about 9.2 percent of Dell's Class V shares, according to complaint.

Hearing on Ichan's request to expedite case set for 3pm Monday.

Icahn came out against Dell's plan to return to public markets last month, arguing the proposed transaction undervalues the DVMT shares.

The billionaire will solicit votes against the deal and may propose an alternative deal to give investors a chance to cash out.

© 2018 Bloomberg LP

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Carl Icahn, Dell Technologies
Facebook Open Sources 'Horizon' AI Tools Used to Improve Video, Messenger
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »